South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly March 17 accepted for consideration Bill No. 2217526, to partially amend the Income Tax Act. The bill includes measures to: 1) increase the standard amounts for each comprehensive income tax bracket base for 2027; 2) set eight tax brackets for 2027 with bands ranging from 15 million South Korean won (US$ 9,977) and below, to exceeding approximately 1.1 billion won (US$731,653), and with rates ranging from 6 percent to approximately 414.9 million won (US$275,966) plus 45 percent of the amount exceeding approximately 1.1 billion won; and 3) introduce an automatic annual adjustment of the tax ...